Earthport plc (AIM: EPO), the cross-border payments service provider is pleased to announce that it has signed a membership agreement to partner with Eurogiro, the global payments network for postal organisations, banks and financial institutions.
The agreement to partner on Eurogiro's infrastructure will extend services to Eurogiro members for international low value clearing to the 60 countries where Earthport facilitates local payments, and will enable Earthport to connect to Eurogiro members' extensive client base. Intergration of the networks will be completed over the next few months, followed by promotion of the service to members. As well as providing Eurogiro members the benefits of low value clearing, Earthport also plans to provide value to its existing clients by extending its clearing network to postal accounts through Eurogiro member agreements.
Eurogiro provides connectivity and payment services, predominantly through account to account transfers and cash payments, to its membership community of financial institutions. Earthport brings to this community its efficient, transparent, secure, and multi-currency international payments service.
Eurogiro was founded by a group of European postal organisations focused on improving cross-border payments for their customers. It operates a low value - high volume payments system based on Straight Through Processing (STP), transparency and secure cost-efficiency in all parts of the payment chain. Its reach is now global and includes partnerships with a variety of payment systems and a range of payment methods. Adding Earthport's capabilities to the network will allow members to benefit from additional reach into new markets and account types.
Michel Stuijt, CEO at Eurogiro, commented: "Having Earthport join as a member is a very valuable addition to the Eurogiro community. Earthport's business model cuts cost and adds eficiency to traditional correspondent banking methods by tapping direct into the national clearing systems for account transfers. The connection to Earthport provides, especially for our postal members, a great opportunity to expand out-bound as well as in-bound business."
Hank Uberoi, CEO at Earthport said: "We are proud to joito join Eurogiro, adding further reach and capabilities to our growing global payments ecosystem."